Robinhood Chain Leads Crypto Layer 2 Revenue In July

TLDR

• Robinhood’s Ethereum Layer 2 network, Robinhood Chain, generated about $3.6 million in July revenue.
• That total beat Polygon PoS, Base, and Arbitrum One, according to Blockworks Research.
• Robinhood Chain earned more than Base and Arbitrum combined last month.
• Robinhood also added 50 new crypto assets for users in the UK.
• An analyst projects Robinhood could reach a $300 billion market cap by 2030.

Robinhood’s Crypto Network Had A Strong July

Robinhood’s push into blockchain technology is starting to show results. Its Ethereum Layer 2 network, known as Robinhood Chain, brought in roughly $3.6 million in revenue during July.

That figure comes from data tracked by Blockworks Research. It placed Robinhood Chain ahead of every other Layer 2 network that month.

Robinhood Chain Tops The Revenue Chart

Polygon PoS came in second place with about $2.7 million in revenue. Base followed in third with roughly $2.1 million.

The gap widened further down the list. Arbitrum One brought in around $533,000 for the month.

Starknet generated close to $137,000, while Celo earned about $119,000. OP Mainnet trailed the group with just under $39,000.

Robinhood Chain’s July total actually topped what Base and Arbitrum earned when combined. That is a fast start for a network still in its early stages.

Robinhood also expanded its crypto offerings outside the United States last month. The company added 50 new crypto assets for customers in the UK.

An Analyst Sees A $300 Billion Future

Artemis CEO Jon Ma shared a prediction about where Robinhood could be by 2030. He believes the company could reach a $300 billion market cap within the next few years.

Ma’s estimate is based on several growth areas. These include crypto activity, expansion into new countries, and gains in new user signups.

His model assumes Robinhood grows to about 100 million funded accounts. It also assumes each user brings in around $200 in average revenue per year.

Under those numbers, Robinhood could generate close to $20 billion in annual revenue. Net income under that scenario could reach around $10 billion.

Ma also pointed to a possible acquisition of TradingView as another factor that could drive growth. He described Robinhood as a company positioned to become the top global trading platform.

Stock Price Holds Near $94

Robinhood shares were trading around $93.60 at the time of writing. The stock has been recovering since it dipped to lows near $84 in late July.

Since that low, the stock has settled into a narrower trading range. That suggests selling pressure has eased compared to prior weeks.

Momentum indicators showed a mostly neutral picture. The RSI pointed to balanced conditions, and trend strength readings were modest for now.

The stock remains below its recent highs, which climbed above $100. Robinhood’s growth in crypto and international markets is likely to stay a focus for investors going forward.

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